Global Internet of Things in the Energy Market The Trends and Forecasts report provides an in-depth analysis of the Internet of Things in the Energy Market including a detailed description of market size and growth, value, key Internet of Things opportunities in the Energy Market and outlines the factors that are and will be be the driver of industry growth taking into account previous growth patterns with the Forecast Period from 2021.

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The global Internet of Things in the energy market was estimated at $ 10.96 billion and is expected to reach $ 28.41 billion by 2023 and with a CAGR of 16.46% during the forecast period of 2018â € 2023. The scope of the report is limited to solutions that include power analytics, security, predictive and other maintenance, services, such as managed and professional, and upstream, midstream, downstream and other application. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. The study also highlights the benefits of retailing the Internet of Things application from different industries and the perspective of the same.

The Internet of Things helps connect various smart devices to facilitate the operation and sharing of data between colleagues. There are various smart devices, such as sensors, smartphones and wearable devices, which collect data from devices that can be used to enhance the customer experience. Moreover, the use of the e-commerce platform is growing rapidly due to the ease of shopping and the penetration of smartphones in the market, which is likely to boost the market. The data generated by the energy sector are large and require a high level of analysis. This promotes the integration of the Internet of Things (IoT) into the energy sector, thus boosting market growth during the forecast period. Rising energy consumption across the globe is expected to spur data generation in this way, seeking the involvement of IoT in the industry.

Increased operational efficiency and cloud migration

Cloud platform adoption is on the rise due to its ease of storage and ability to share with different groups of people. Moreover, it offers high security against natural disasters and data loss, which is likely to increase market growth over the next six years. The downtime in traditional storage can be increased due to hardware maintenance, while the cloud offers relatively less downtime, due to which, it is much preferred over its counterpart. This is expected to boost the use of the cloud platform thus boosting market growth during the forecast period.

Services managed to display the highest growth

Managed services are becoming popular due to the growing focus of companies on core competencies. Further, third party companies also offer enhanced data management with regular maintenance, which is likely to increase market growth during the forecast period. Furthermore, organizations outsource their cloud and other IT services in order to increase competencies. Companies are increasingly investing in managed IT services due to the growing retail industry, thus boosting the market.

Asia-Pacific to Witness Higher Growth

The growing influx of technology companies coupled with increased investment in the region is expected to boost the market growth rate. Moreover, the government of various countries in the region is focusing mainly on the Internet of Things (IoT) in order to improve operations and develop the nation. This is projected to boost the market over the next six years. In addition, the disposable income of consumers in the region is increasing, which is likely to increase the Internet of Things in the energy market. Moreover, strong demographic and economic growth in the region is expected to boost energy demand. This is likely to boost the market during the forecast period.

Recent developments

¢ March 2018-IBM showcased its cloud, artificial intelligence and Watson by offering pre-trained conversations in a variety of fields, including energy and services. This is expected to boost consumer growth thus bringing about high revenue stream.

Key players include – AGT INTERNATIONAL, INTEL CORP., CISCO SYSTEMS, INC., SAP SE, IBM, and WIND RIVER SYSTEMS, INC, among others.

Reasons to buy the report

¢ € e Internet of Things perspective on the energy market and opportunities.
¢ € izimi Analysis of different market perspectives with the help of Porter’s Five Force Analysis.
analysis € analysis Regional market analysis.
If € ify Identify the latest developments, market shares and strategies used by key market players.
support € support Quarterly analyst support together with the Market Assessment sheet (in Excel).

Adaptation of the Report

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